Tuesday, November 15, 2011

The firm founded by former Bank of America Corp. chief executive Hugh McColl Jr. and former chief financial officer Marc Oken has invested in a Richmond financial services company, part of a broader strategy to target investments in the finance industry, in announced today.

Dorsey Wright & Associates, which provides technical investment research and money management products, accepted Falfurrias as an investor because the partnership will yield more resources, access to a broader network of industry contacts and new opportunities for growth, the firms said in a statement.

"My partners and I have spent most of our careers in the financial services industry, so it didn't take long for us to realize that Dorsey Wright & Associates is truly a special company," McColl said. "We believe that combining the proven business model of DWA with our capital, financial services industry relationships and operational expertise will position the company for continued success."

Falfurrias will own the firm, but DWA's Tom Dorsey will continue in his role as president.

The Charlotte private equity firm, founded in 2006, has been growing its financial services portfolio in recent years. It has investments in Charlotte-based Commercial Credit Group, which provides equipment financing for the construction, fleet transportation and waste industries, and bank holding company North American Financial Holdings.

Falfurrias, named for a favorite hunting ground in Texas, has also branched out: It bought the Bojangles' fast-food chain in 2007, overseeing rapid growth there before selling the company in August to a Boston investment firm.